8 Step Credit Report Dispute Strategy

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In the White Wealth Belt course, you learned the basics of disputing incorrect/inaccurate items contained in your credit file. Unfortunately, a credit bureau may not honor your first polite request to resolve the problem. The 8-step credit dispute strategy is a ninja technique that you can use to turn up the heat on them. The key to this technique is to hammer the credit bureau with reasons why they need to correct the disputed item. But you’re not going to provide them with all the reasons in one correspondence.

Yellow Wealth Belt (YWB)
Jumpstart Training Mini-Course

  1. Yellow Wealth Belt: Introduction
  2. FICO Credit Score Boosters
  3. 8 Step Credit Report Dispute Strategy
  4. Ways to Reduce Expenses
  5. What Is a Roth IRA and Who Qualifies?
  6. Why Invest In a Roth IRA? and Conclusion
  7. BONUS: Top 10 Roth IRA Questions

 

Instead, each letter you send to them will contain only one “new” reason. They are required by law to investigate every legitimate defense. So come up with as many of them as you can before implementing this strategy.

In addition, to generate more reasons beyond the obvious ones, refer to the Fair Credit Report Act, which governs how credit bureaus must conduct business, treat your credit information, and handle disputes. Look through it and find some statutes that might apply to your situation. Then just refer to the statute number in the dispute letter. Here’s how the steps flow:

First letter – state your dispute and the reason why the item should be removed or changed. Check out the White Wealth Belt course for an example of a dispute letter  If you don’t hear back in 30 days, under the law your request must be honored. But if you do hear back, and the agency rejected your claim, send a second letter.

Second letter – state your dispute again, but this time ask for them to explain their process for verifying negative items. Also, “always, always” ask them to remove or change the disputed item in every letter. See the sample letter below. If they respond within 30 days with a refusal to honor your request, send a third letter.

dispute letter template

Third letter – state your dispute more aggressively, but give them a different reason to investigate it. Find something in the Fair Credit Report Act. Attach additional proof, if you have it. Also threaten to file a complaint with the Attorney General’s office of your state. Remember to be aggressive and resolute in all your complaints, but don’t go over the top.

Remember: The purpose of continually changing the dispute reasons is so that the agency doesn’t simply classify your correspondence as a nuisance. They can’t avoid investigating each new legitimate reason. Again, send all letters certified mail with return receipt. If you receive a refusal within 30 days, then send a fourth letter and also send a complaint to your state’s Attorney General.

Fourth letter – state that you’ve filed a complaint with the Attorney General and attach a copy of it. Then firmly restate your dispute giving yet another reason why the item should be changed or removed.  If they reject you again within 30 days, then send a fifth letter.

Fifth letter – state your dispute more aggressively using a different reason. But this time threaten to file a complaint with the Federal Trade Commission (FTC) if the item is not removed or changed. If they reject you again within 30 days, then send a sixth letter.

Sixth letter – state that you’ve filed a complaint with the Federal Trade Commission (FTC) and attach a copy of it. Then firmly restate your dispute giving yet another reason why the item should be changed or removed.  If they reject you again within 30 days, then send a seventh letter.

Seventh letter – state your dispute more aggressively using a different reason. But this time threaten to file a complaint with one of the other government agencies mentioned in the prior chapter if the item is not removed or changed. If they reject you again within 30 days, then send an eighth letter.

Eighth letter – state that you’ve filed a complaint with the new agency and attach a copy of it. Then firmly restate your dispute giving yet another reason why the item should be changed or removed.  If they reject you again within 30 days, consider some other options below.

What To Do If The Empire Strikes Back

There may come a point in the process where the credit agency threatens you with a letter. They may claim that your dispute is frivolous or some other nonsense. If they say it’s frivolous, ask them why they’re saying that and what other proof they need to resolve the dispute. If they accuse you of anything, push back and ask them to provide their proof.

They’re doing these things in the hope that you’ll go away. That’s because the investigations are costing them money.

Does It Ever End?

Hopefully, by the time you’ve sent 8 letters, the agency will have relented and updated your file as requested. If this happens at any time during the process, ask them to send you proof for your records. In fact, they are required to provide you with an updated credit report.

Ninja Secret: If one credit bureau corrects your report, include it in the dispute letter you submit to the other bureaus.

If you’re still at your wit’s end after writing all those letters and the agency won’t budge, you have a couple of options.

Option #1: You can hire a professional legal service. In fact, if the thought of doing all this work isn’t your thing, it might be worth having a pro take care of it from the beginning. This is probably the route I would take if my first letter got me nowhere. The costs are actually quite reasonable.

One of the best credit report cleaning services in the business is FDojoLikes.com/creditrepair

Option #2: If you feel strongly about the incorrectness of an item, you can ask the credit bureau to include a personal letter in your file that explains your side of the story. You can also ask them to provide that letter to anyone who inquires about your credit. Just be aware that the credit bureau may charge a fee for this service.

Action Steps:

  • Follow the 8-Step credit dispute strategy if a credit bureau rejects your initial request to correct a problem with your credit report.
  • Consider using a professional service to resolve your credit report errors if there are many or the credit bureau rejects your requests.

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